Allianz: buys three prime buildings in London's West End
(CercleFinance.com) - Allianz has bought a 75% stake in a portfolio of three buildings in London's West End from UK property giant British Land for 401 million pounds (about 440 million euros), the companies said on Wednesday.
Under the deal, British Land will form a new joint venture with the German insurer, with British Land's stake at 25%. The commercial landlord will continue to manage all three buildings, for which it will receive an asset management fee.
In a statement, British Land said the deal shows investors remain confident in the long term prospects for high quality assets in prime London locations, despite tough Brexit trade negotiations.
"This transaction represents a great opportunity to invest in prime assets in a global city on behalf of our Allianz clients thereby broadening our UK investment portfolio," said Kari Pitkin, the head of business development for Europe at Allianz Real Estate.
The portfolio includes three buildings, one multi-let office space on Portman Square, one office-led building close to Marble Arch station and another office space in York House which comprises 22 residential apartments.
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